Idan kana bin labaran kasuwar dukiya ta Thailand, wataƙila ka ji cewa kasuwar condo a Phuket da Bangkok na fama da koma-baya. Wannan gaskiya ne. Amma abin da yawancin mutane ba su lura da shi ba shi ne cewa a lokaci guda, biliyoyin daloli na kudaden zuba jari na kasashen waje (FDI) suna kwarara zuwa masana'antar semiconductors da data centers a Thailand. Wannan shi ne inda ainihin ci gaba yake faruwa yanzu, ba a gidaje ba.
Amsa a takaice: Kudaden FDI da suke shigowa cikin masana'antar chips da data centers a Thailand suna daidaita koma-bayan da ake gani a kasuwar gidaje, kuma wannan yana bude wa masu zuba jari kofa ta daban wadda ba ta danganta da bashin gidaje na 'yan kasar Thailand ba. Shugaban kamfanin Frasers Property Thailand ya bayyana a fili cewa sashen masana'antu ya rigaya ya zarce sashen gidaje wajen samar wa kamfaninsa kudaden shiga.
Me ke faruwa a kasuwar gidaje ta Thailand?
Bashin gidaje a Thailand ya kai matsayi mafi girma da aka taba samu, wato 91% na GDP kamar yadda Babban Bankin Thailand (Bank of Thailand) ya bayyana a karshen 2025. Wannan ya tilasta wa bankuna dage sharuddan ba da lamuni, kuma ya raunana bukatar 'yan kasar Thailand na sayen gidaje, wanda shi ne tushen farashin kasuwa. Sabbin ayyukan gine-gine na gidaje a Bangkok sun ragu da kusan 30% idan an kwatanta da kololuwar da aka samu a 2023.
Wannan ba yana nufin gidaje sun mutu ba. Har yanzu za a iya siyan condo a Phuket ko Bangkok. Amma sa ran a samu karin kudi cikin sauri a 2026 ba abu ne na hankali ba, saboda bankuna sun tsaurara sharudda kuma bukatar cikin gida ta raunana.
Ina kudin FDI ke zuwa: Eastern Economic Corridor (EEC)
Yankin Eastern Economic Corridor (EEC), wanda ya hada larduna uku - Chonburi, Rayong, da Chachoengsao - shi ne ke daukar mafi yawan sabbin kudaden zuba jari. Kamfanoni kamar Google, Microsoft, da Amazon duk sun sanar da gina data centers a Thailand. Google na zuba jari a wani babban wurin aiki (campus) a lardin Chonburi, kuma jimillar kudaden da manyan kamfanonin fasaha suka sanar ya zarce dala biliyan 5 (US$5 billion).
Hukumar Zuba Jari ta Thailand (Board of Investment - BOI) tana ba da hutun haraji na tsawon shekaru 13 ga ayyukan semiconductor da data center da ake gina a cikin EEC. Tsakanin 2023 zuwa tsakiyar 2026, Thailand ta samu jarin da ya zarce dala biliyan 26.8 (US$26.8 billion) a sigar aikace-aikacen zuba jari na chips da na'urorin lantarki na zamani, wanda ya kunshi ayyuka 880. Printed circuit boards (PCBs) sun mamaye rabon mafi girma, inda ayyuka 224 masu darajar kusan dala biliyan 9.85 (US$9.85 billion) suka fito, yayin da fiye da rabin manyan kamfanonin kera PCB na duniya suke fadada kasancewarsu a kasar.
Yadda kasuwar masana'antu take bunkasa
Bisa ga bayanan CBRE Thailand, farashin hayar gine-ginen masana'antu a cikin EEC ya karu da 8-12% a shekarar 2025. Bukatar gidajen ajiyar kaya (logistics warehouses) da filayen masana'antu (industrial parks) an kiyasta ta karu da 15-20% cikin watanni 12 da suka gabata. Filayen masana'antu da suke kusa da tashar jirgin ruwa ta Laem Chabang suna da matakin cikawa (occupancy) na kusan 85-90%, wanda ke nuna karancin wadatar wurare a wannan bangare.
Thailand tana daga cikin manyan kasashe uku a ASEAN wajen jan hankalin FDI, tana fafatawa kai tsaye da Vietnam da Indonesia don samun jarin masana'antar semiconductor. Kudin baht na Thailand ya tsaya daram a tsakanin 34-35 THB/USD, wanda ya sa dawo da kudi daga kadarorin masana'antu ya fi tabbaci a fannin canjin kudi.
Me ya sa wannan ya fi sauki ga mai zuba jari na baki?
Abin ban mamaki shi ne, tsara zuba jari a kadarorin masana'antu na Thailand sau da yawa ya fi sauki ga baki fiye da sayen condo. REITs (Real Estate Investment Trusts) ba su da wani takunkumi na mallakar kasashen waje, ba a bukatar aika kudi ta bankin Thailand tare da takardar Foreign Exchange Transaction (FET), kuma ba a sanya musu dokar kason kaso 49% da ake amfani da ita wajen sayen condo.
REITs kamar Frasers Property Industrial REIT (FTREIT), wanda ake sayar da shi a Kasuwar Hannayen Jarin Thailand (Stock Exchange of Thailand - SET), suna ba wa masu zuba jari damar shiga wannan bangare ba tare da bukatar sayen ma'ana ko gini gaba daya ba.
Amma akwai wata matsala da ke fara bayyana: masu zuba jari a manyan ayyuka (hyperscale investors) ba sa fama da farashin kasa kadai, sai da wutar lantarki da ababen more rayuwa. Kamfanonin gina data center suna bukatar wutar lantarki mai zaman lafiya har zuwa 500 MW, kuma da yawa suna neman filaye na rai 50 zuwa 100 (rai) kusa da hanyoyin samun wuta, ruwa, da fiber tabbatacce. Wannan cikas ne zai kayyade inda ayyukan EEC na gaba za su sauka.
Idan kana shirin ziyartar Thailand don duba kadarori a cikin EEC, larduna Chonburi da Rayong suna nisan kusan awa daya da rabi daga Filin Jirgin Sama na Suvarnabhumi, don haka za a iya ziyartar manyan wuraren masana'antu cikin kwana biyu zuwa uku.
Tambayoyi da Amsoshi
Mene ne EEC kuma me ya sa masu zuba jari suke sha'awarsa?
Eastern Economic Corridor (EEC) yanki ne na tattalin arziki na musamman wanda ya hada larduna uku a gabashin Bangkok: Chonburi, Rayong, da Chachoengsao. Gwamnati na ba da mafificin tallafi ta hanyar BOI a nan, har da keɓe kamfanoni daga haraji na tsawon shekaru 13. Anan ne mafi yawan sabbin data centers da masana'antun semiconductor ake ginawa.
Ko dan kasashen waje na iya siyan kadarorin masana'antu kai tsaye a Thailand?
Mallakar kasa kai tsaye ga 'yan kasashen waje an haramta shi a Thailand. Hanyoyin da za a iya bi sun hada da tsarin hayar dogon lokaci (yawanci shekara 30+30+30), zuba jari ta hanyar REITs da ake sayar da su a SET, ko kafa kamfani da BOI ta amince da shi wanda ke ba baki damar rabon hannun jari.
Wane irin dawowar kudi (returns) REITs na masana'antu na Thailand suke bayarwa?
Bisa ga bayanan SET, dawowar rabo (dividend yield) a manyan REITs na masana'antu na Thailand ya kai tsakanin 6-8% a duk shekara a sigar baht. Idan an hada da tsayin daka na kudin baht, wannan lambar tana da karfi idan an kwatanta da sauran yankin.
Ya kamata masu zuba jari su jira kasuwar gidaje ta dawo, ko su koma zuwa masana'antu yanzu?
Akwai yiwuwar kasuwar gidaje ta samu sauki idan Bank of Thailand ya fara rage yawan kuɗin ruwa (interest rate) kuma ya sassauta iyakoki kamar loan-to-value caps. Masana suna sa ran hakan zai iya faruwa a rabi na biyu na 2026 ko a 2027. A daya bangaren, sashen masana'antu na bunkasa yanzu haka kuma ba ya dogara da bashin masu amfani a cikin gida.
Wadanne hadura ke tattare da zuba jari a data centers da semiconductors?
Babban hadari na siyasar duniya ne. Idan takun-saka tsakanin Amurka da China ya kara tsananta, wasu kudade na iya juyawa zuwa wasu wurare. Hadari na biyu shi ne yawaitar wadata: idan dukkan kasashen ASEAN sun bayar da irin wadannan tallafi a lokaci guda, gasa kan masu haya na iya kaimi kuma karuwar hayar ta iya tsayawa.
Ta yaya bashin gidaje mai yawa a Thailand yake shafar masu zuba jari a kadarorin kasuwanci?
A hankilta, ba ya shafarsu kai tsaye. Masu hayan gine-ginen masana'antu kamfanonin kasa da kasa ne, ba masu bashin gidaje ba. Amma a wata hanya, tattalin arziki mai jinkiri na iya matsawa gwamnati ta fadada tallafi ga sashen masana'antu, wanda zai amfani masu mallakar kadarorin masana'antu.
Vietnam ko Thailand ce mafi kyau don zuba jari?
Thailand tana da ababen more rayuwa masu inganci, tsarin shari'a mai tabbaci, da kasuwar REITs mai zurfi kuma mai sauki a SET. Vietnam tana da kyau saboda karancin farashi, amma tana bayan Thailand wajen bayyana gaskiya da samuwar kayan zuba jari da suka dace da fasahar sabon jari.
Ko masu zuba jari na biyan haraji akan rabon kudin da suke samu daga REITs na Thailand?
E. Harajin da ake dauke a tushe (withholding tax) akan rabon kudin REITs ga masu zuba jari na kasashen waje a SET shi ne 10%. Yarjejeniyoyin haraji sau biyu (double taxation treaties) tsakanin Thailand da kasashe da dama na iya rage wannan kason ga wadanda suka cancanta.
Kammalawa
Sashen kadarorin masana'antu na Thailand na tsaye a mafarin wani zagaye na bunkasa na shekaru masu zuwa, wanda sake fasalin sarkar samar da semiconductor a duniya ke tura shi. Ga masu zuba jari da suke shirye su duba wani abu fiye da condo na Phuket da suka saba da su, wannan bangaren yana ba da damar samun kudin shiga a sigar dala daga kamfanonin kasa da kasa, cikin yanki mai dokoki bayyanannu kuma tabbatattu. A Kadarorin Thailand, muna taimaka wa masu zuba jari daga kasashen Hausa su fahimci ire-iren wadannan zabuka, ko dai a bangaren gidaje ko na kasuwanci.
Tushen bayani: Bangkok Post